Last week I wrote about the negative ways in which attachment to our smartphones can sabotage financial stability.
This week I want to balance that out, and look at how that pocket sized piece of technology can be a financial saviour.
With paper bank statements more or less a thing of the past, and with “tap and go” spending the norm, it's easy to lose track of our money.
Most banks allow you to access your bank accounts via an app on your phone, so you can stay in control and keep an eye on your finances at all times.
Making it a habit to log in weekly, or even daily, just to check your accounts can help spot any rogue transactions and allow you to follow up with your bank quickly. It can also help you identify any spending patterns and habits that you might want to improve.
If you misplace your credit or debit card, or have it stolen, your banking app can generally let you “freeze” that card immediately at the tap or two of your phone. This gives you peace of mind knowing that it can’t be used by anyone else, so you know your account is not going to be drained of funds while you go through the lost and stolen card process on the phone or in branch.
The other beauty of this, is that it gives you time to check that you haven’t just put your card in another pocket, before ordering a new one which will take a few days to arrive.
It’s not just banking apps, of course - your phone has some simple features that can help you stay in control of your money.
Putting reminders in your calendar for insurance renewal dates, annual bill payments, or the day your holiday balance falls due for payment means that you are less likely to incur late charges or have last minute panics to move money around, for example.
If you have debt that is taking your focus, there are some good free apps, such as Debt Payoff Planner that can help motivate you to pay off your debt quicker, and if you need support in respect of debt or gambling, support groups accessible via online chat or messenger apps can help you even at the toughest of times.
It's been a long time since phones were used for just making calls. There’s a whole wealth of practical support at your fingertips. How can your phone help you today?
For more from Norfolk-based financial expert Kim Uzzell head to mymoneymovement.co.uk or follow her on Instagram @kimuzzellmoneycoach.
YOUR MONEY MATTERS
If you are looking for financial help and advice, here are some of the resources you can turn to locally.
Norfolk Citizens Advice
Offers free, confidential and impartial advice on debt, benefits and money issues.
0800 1448 848
ncab.org.uk
Money Support Service
Norfolk County Council service for those needing help with budgeting.
01603 223392 (option 4)
norfolk.gov.uk
Community Action Norfolk
Charity offering help including warm homes and collective oil buying scheme.
01362 698216
communityactionnorfolk.org.uk
Norfolk Community Foundation
Charity that runs schemes including nourishing Norfolk and community shops.
01603 623958
norfolkfoundation.com
Norfolk Assistance Scheme (NAS)
Helps people who are in financial hardship and cannot pay their living costs.
0344 8008020
norfolk.gov.uk
The Trussell Trust
Free 'Help through Hardship' helpline and foodbank search tool.
0808 208 2138
trusselltrust.org
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